Why SoFi Stock Jumped 14% in July
SoFi Technologies(SOFI) The Motley Fool·2024-08-07 21:25
The market was enthusiastic about bank stocks. SoFi Technologies (SOFI 2.72%) stock gained 14% in July, according to data provided by S&P Global Market Intelligence. The stock soared after the Federal Reserve indicated that it might cut interest rates in September. However, it's fallen again since reporting earnings at the end of the month. Banks are sensitive to interest rates It wasn't only SoFi stock that soared in July. Bank stocks, as an industry, jumped on the news that interest rates might finally co ...